Pandora has become a brand, which is associated with charm bracelets. This product idea has brought a huge popularity and advantages to the company.
But company's need to go further was so obvious that Pandora launched its new campaign all about rings in May, 2014. The campaign, entitled #MyRingsMyStyle, was aimed to "make sure that customers are aware that the Pandora brand is about more than charms and bracelets", said Scott Burger, president of Pandora Americas.
TARGET AUDIENCE
Pandora addressed its campaign to two target segments:
- Urban upper middle and upper class women;
- Gift-givers and gift-receivers (targeted when special occasion occur).
COMPETITOR ANALYSIS
The main competitor of Pandora on a basis of product and similar price ranges and the target market is Tiffany&Co.
Here is the comparison of the brands:
Brand
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Pandora
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Tiffany&Co
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Slogan
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“Unforgettable moments.”
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“There is only one true love.”
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Key products
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Charm bracelets, rings, necklaces
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Diamond engagement rings and sterling sterling (bracelet and
necklaces)
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Target audience
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Mostly women; gift-buyers for special occasions
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Both men and women; gift-buyers for special occasions
|
Brand awareness
|
High
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High
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Distribution channels
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2,465 stores in the U.S., online store
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94 stores in the U.S.
|
In accordance with Google Trends statistics, Tiffany&Co. has much higher indexes of search interest on the Web, but if we look at the tendencies we can see constant growth of Pandora's popularity since 2009 and a declining trend of Tiffany&Co.'s popularity.
As about Twitter, in conformity with TOPSY analytics, Tiffany&Co. had two times more tweets for the last month than Pandora:
BRAND SWAT ANALYSIS
Strengths
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Weaknesses
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|
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Opportunities
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Threats
|
|
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CURRENT METRICS
In conformity with a recent study conducted by US-based specialist Karus Chains, more than 2 M internet users visit Pandora's website each month, which means that Pandora generates the most traffic among jewelry websites.
Pandora rings: what statistics say about the campaign?
As it was mentioned, the campaign #MyRingsMyStyle was launched in May, 2014. The Google Trends' graph shows how noticeably people's interest increased after that moment:
IceRocket analytics shows the next results about daily blogs citation of Pandora rings for the last 2 month:
Pandora as a brand got almost 300,000 tweets over the last month, and Pandora ring category got just 16,500 tweets.
On the TOPSY graph we can see that Pandora charm bracelets still much more popular than Pandora rings despite all the company's efforts.
Social Mention analytics showed a reduction of some indicators such as strength, passion and reach. All in all, changes for the last week is not critical. The indicators reflect the relatively high popularity of the brand and the product on the Internet.
Pandora Rings in Social mention: 10/20/2015 in compare with 10/28/2015
POSITIVE/NEGATIVE REVIEWS
Pandora has incredibly high number of positive reviews in compare with negative ones on Instagram, Twitter, Facebook and etc. That is why it is more interesting to look how it works with negative reviews.
Recently a lot of complains were posted on Pandora's Facebook page. People complained about services in Pandora's retail stores. Here is some examples of such posts and Pandora's responds:
Pandora pays attention to all negative reviews, its responses are placed very quick. But in most of cases responses can't help customers with their problems. In addition to the apologies, usually a response contains an advice to contact a local store, which is not very convenient for a client.
ENGAGEMENT
Pandora often conducts style contests on Facebook and Instagram. Most of followers are willing to participate in such contests and are very happy to receive prizes from their favorite brand. The company always publishes the best winners' photo on its Facebook and Instagram pages and receives a range of grateful comments.
It should be mentioned that Pandora doesn't need to conduct a contest to make people share their happiness of having Pandora's jewelry. Followers constantly post photo of their purchases and gifts as comments to posts just to share their emotions about jewelry.
RECOMMENDATIONS
Based on this analysis, I would recommend to the company to consider the next steps:
- To enhance its activity on social network pages. Pandora's activity on social media can be estimated as very high, but it still has some lacks: the company doesn't provide a qualitative customers support on Facebook and Instagram. There are some unanswered questions and complains, which can caused customers' dissatisfaction.
- It would be also great for Pandora to think about centralized support in social media. As we can see from negative reviews examples above, company's representatives often suggest clients to contact its local stores, which is not very professionally for such huge company. Pandora should consider to develop a personal approach in social media.
- To consider the idea of developing a new product line. Pandora has reached a significant market share, so now it should think about diversification in order to satisfy consumers' demands.
- To listen the groundswell more carefully and react on it. Pandora's clients are constantly giving to the company a lot of ideas for a further development and a range of things, which should be fixed and improved. Among them are idea of developing a new male target audience; necessity of improving customer service at local stores; some notices about products quality, range of sizes, and etc. That all a great and, what more important, real ideas from the first hand, which can lead the company to a new level.
- Pandora's attempt to promote its rings is pretty successful despite the fact that its charm bracelets still so much more popular then rings, earnings and necklaces. The company should continue to emphasize this certain product line and continue to listen the clients' needs and suggestions about rings in order to reach the same popularity with rings as with charm bracelets.
CONCLUSION
In comparison with Tiffany&Co, Pandora is a significant player on the market. It definitely has been reached noticeable results for the last few years since it started its vigorous activity and promotions in social media.
The company got the right idea of starting its ring promotion. It understood on time that charm bracelets' popularity is not endless.
Company's social media pages are full of content related with Pandora rings. And as we can see from the statistics, the popularity of this product line has really increased. Now Pandora rings has become a trend in social media and real life due to company's efforts.
The company got the right idea of starting its ring promotion. It understood on time that charm bracelets' popularity is not endless.
Company's social media pages are full of content related with Pandora rings. And as we can see from the statistics, the popularity of this product line has really increased. Now Pandora rings has become a trend in social media and real life due to company's efforts.
All in all, the analysis has shown very good results of company's performance. Pandora has many ways to develop the business, but it still needs to work on its weaknesses and pay an attention to the groundswell on the Web. Professional and proper work with the groundswell can give the company much more opportunities to grow further and lead it to new achievements.
